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ExamFX Guarantee Exam|69 questions and Answers A+ Graded
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ExamFX Guarantee Exam|69 questions and Answers A+ Graded
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ExamFX Guarantee Exam|69 questions andAnswers A+ Graded
which of the following would NOT be considered limited coverage policy?
a. accident-only insurance
b. travel policy
c. major medical expense insurance
d. special risk policy - - c. major medical exoense insurance
limited policies cover only expense incurred from specific diseases, or
specific causes
- which of the following is NOT mandatory under the uniform provision law
as applied to accident and health policies?
a. physical examination and autopsy
b. entire contract
c. probationary period
d. time limit on certain defenses - - c. probationary period
probationary period is an optional provision
- with respect to the entire contract clause in health policies, who has the
authority to make changes to an existing policy? - - only an executive office
of the company
no changes may be made to the policy without the express written
agreement of both parties, and any changes must be also made a part of the
contract. only an executive officer of the company, not an agent, has
authority to make any changes to the policy.
- if a life insurance company uses HIV testing as part of its underwriting,
when must an applicant be notified of the procedure? - - prior to the
performance of the test
prior to testing, the insurer must disclose in writing its intent to test the
applicant for the HIV or for a specific health condition derived from HIV. the
insurer must obtain the applicant's written informed consent to administer
the test.
- a major medical expense would exclude coverage for all of the following
treatments EXCEPT
a. dental care
b. cosmetic surgery
c. drug addiction
d. eye refractions - - c. drug addiction
, treatment for drug & alcohol addiction is provided on a limited basis
- to purchase insurance, the policy owner must face the possibility of losing
money or something of value in the event of loss. what is this concept
called? - - insurable interest
to purchase insurance, the policy owner must face the possibility of losing
money or something of value in the event of loss.
- which of the following is provided by skilled medical personnel to those
who need occasional medical assistance or rehabilitative care? - -
intermediate care
changes bandages or administers medications
- which of the following is NOT correct concerning taxation of disability
income benefits?
a. if paid by the individual, the premiums are tax deductible
b. if the employer paid the premiums, income benefits are taxable to the
insured as ordinary income
c. if the insured paid the premium, any disability income benefits are tax-free
d. if the benefits are for permanent loss, they are subject to income taxation
no matter who paid the premium - - a. if paid by the individual, the
premiums are tax deductible
premium payments on personally owned disability income policies are non-
deductible by the individual. however disability income benefits are received
income tax free by the individual
- all of the following would be classified as "limited insurance coverage"
EXCEPT
a. accidental death & dismemberment policy
b. supplement social security coverage
c. travel insurance policy
d. dread disease policy - - b. supplement social security coverage
supplement social security coverage is a rider to a disability policy
- When a whole life policy is surrendered for its nonforfeiture value, what is
the automatic option? - - extended term
the automatic nonforfeiture option is extended term.
- a whole life policy is surrendered for a reduced-paid up policy. the cash
value in the new policy will - - continue to increase
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